Allspring Global Investments Holdings LLC Grows Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Allspring Global Investments Holdings LLC raised its holdings in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 9.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 576,890 shares of the company’s stock after buying an additional 49,826 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.95% of First Watch Restaurant Group worth $10,736,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of FWRG. Rocky Mountain Advisers LLC grew its holdings in First Watch Restaurant Group by 180.1% in the 3rd quarter. Rocky Mountain Advisers LLC now owns 6,610 shares of the company’s stock valued at $103,000 after buying an additional 4,250 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of First Watch Restaurant Group in the third quarter valued at about $119,000. XTX Topco Ltd purchased a new stake in shares of First Watch Restaurant Group in the third quarter valued at about $157,000. SRH Advisors LLC grew its holdings in shares of First Watch Restaurant Group by 84.3% in the fourth quarter. SRH Advisors LLC now owns 12,185 shares of the company’s stock valued at $227,000 after purchasing an additional 5,575 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of First Watch Restaurant Group in the third quarter valued at about $201,000. Hedge funds and other institutional investors own 96.11% of the company’s stock.

Analysts Set New Price Targets

FWRG has been the subject of a number of research analyst reports. Raymond James increased their price target on First Watch Restaurant Group from $22.00 to $25.00 and gave the stock a “strong-buy” rating in a report on Friday, November 8th. Barclays increased their target price on shares of First Watch Restaurant Group from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Stephens reaffirmed an “overweight” rating and set a $25.00 price objective on shares of First Watch Restaurant Group in a research report on Tuesday, January 28th. TD Cowen increased their price objective on shares of First Watch Restaurant Group from $18.00 to $21.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Finally, Piper Sandler raised their price objective on shares of First Watch Restaurant Group from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Monday, November 11th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, First Watch Restaurant Group presently has a consensus rating of “Moderate Buy” and an average price target of $23.30.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $20.61 on Tuesday. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 0.32. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 62.46, a price-to-earnings-growth ratio of 3.50 and a beta of 0.91. First Watch Restaurant Group, Inc. has a fifty-two week low of $12.90 and a fifty-two week high of $25.98. The business has a fifty day moving average of $19.61 and a 200-day moving average of $17.72.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.